Elliott Says Phillips 66 Should Sell or Spin Off Pipeline Unit
- The activist investor plans to seek a number of changes
- Elliott first disclosed a stake in Phillips 66 in 2023
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Elliott Investment Management disclosed a more than $2.5 billion stake in oil refiner Phillips 66 and plans to push the company to sell or spin off its pipeline business.
The activist investor, which began pressing for changes at Phillips 66 in 2023, said in a letter to the refiner Tuesday that it’s now one of its top five investors and believes the company hasn’t followed through on promises to improve operations.